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Europe to help finance Lithuanian LNG

Euro finance ministers debate paying Greek aid in instalments

The EIB said it was lending energy company Klaipedos Nafto more than $111 million to help finance the construction and operation of an LNG import facility in the Lithuanian port city of Klaipeda. “This investment is critical for Lithuania to diversify and secure its energy supply as well as provide backup in the event of gas supply failures,” the EIB said in a statement. Lithuania and other Eastern European countries are trying to add more diversity to an energy sector dominated by Russia. EIB Vice President Pim van Ballekom said the project would help ensure a sustained supply of natural gas for energy and increase competition in the country’s energy sector.

Photograph: Reuters/Francois Lenoir First published: Tue, Jul 9, 2013, 01:00 Euro area finance ministers debated whether to pay Greeces next 8.1 billion bailout tranche at once or in instalments to ensure reform commitments are met at a meeting in Brussels yesterday. Ahead of the talks, Greek officials agreed with its international backers on a plan to fire 4,000 and redeploy 25,000 public sector workers by year-end which, if approved, would remove one of the biggest roadblocks to the latest payout. Dutch finance minister Jeroen Dijsselbloem , chairing yesterdays meeting, said payments may be broken up if creditors deemed it necessary and helpful. This morning we reached an agreement within the troika.